Fri, 03 Aug 2018 | ADMINISTRATION
Extreme Powered Platforms, a UK-based rental company, has entered administration with the speculation that a stagnant rental marketing is the reason for its downfall.
The company was placed in administration just as Extreme Hire Ltd, a new company, came into operation. Extreme Powered Platforms has now been acquired by the new business and will continue trading under the Extreme Hire name after a company-wide restructuring.
Both Extreme Powered Platforms and Extreme Hire Ltd are owned by Stuart Bond.
Located in a facility in Hailsham, East Sussex, the original company was founded in 2004 and began operations in 2005 with the introduction of new electric slab scissor lifts. Presently, it caters to a wide variety of aerial work platforms and offers self-propelled scissor lifts, booms, large spider lifts, push around lifts as well as truck mounts.
A second depot was opened in January 2014 in Shepperton, Surrey, and expanded its fleet of booms in 2015 by adding the Hinowa 26.14 Lightlift and the Hinowa Lightlift 17.75 Lithium to its list of West London services.
In 2016, the company added JLG telehandlers to its range of products on offer whilst also opening a third facility in Coventry.
Vertikal, an online news platform for information surrounding the crane and lift industry, stated: “While business volumes have been relatively strong, rental rates have continued to stagnate or ever slip in some cases, making the business very challenging and leaving no margin for error, this is especially true for companies that are heavily indebted with balloon type financing deals.”
Extreme Powered Platforms’ accounts reported £2.8 million worth of assets, and a net worth of £543,000.
Richard Brian Keley from BM Advisory LLP has been appointed as administrator for Extreme Powered Platforms.
Click here to view the Extreme Powered Platforms Ltd administration listing.
For more news stories about administrations click here. For all our administrations listings, click here.
Provides freight forwarding for a range of sectors, as well as warehousing and an array of other complementary services. Offers invited.
LEASEHOLD
Provides candidates for a range of roles, specialising in providing those for healthcare sectors including Operating Theatre Practitioners, Registered General Nurses, Registered Mental Health Nurses and Healthcare Assistants. Offers invited.
LEASEHOLD
An excellent opportunity to acquire a well-known repairs garage with petrol station which is only offered for sale due to our clients wife’s ill health. The business occupies a first-class, main road position within Bradford. Offers invited.
|
17
|
|
May
|
Greater Manchester staffing firm acquires security services company | BUSINESS SALE
A security services business headquartered in Newton-le-Will...
|
16
|
|
May
|
Midlothian IT company enters administration with assets up for sale | ADMINISTRATION
An Edinburgh-based IT firm has collapsed into administration...
|
15
|
|
May
|
Logistics recruiters and distributors snaps up Birmingham-based counterpart | BUSINESS SALE
Challenge TRG Group, headquartered in Wigan, has successfull...
Sign up to receive our acquisition alert emails to get your FREE guide
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources